Income Tax Act |
Income Tax (Concessionary Rate of Tax for Approved Securities Companies) Regulations |
Rg 9 |
G.N. No. S 253/1988 |
REVISED EDITION 2001 |
(31st May 2001) |
[16th September 1988] |
Citation |
1. These Regulations may be cited as the Income Tax (Concessionary Rate of Tax for Approved Securities Companies) Regulations. |
Definitions |
2. In these Regulations —
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Concessionary rate of 10% on income derived by approved securities company |
5% tax payable on incremental income derived by approved securities company |
4.—(1) Notwithstanding regulation 3(1), tax shall be payable at the rate of 5% on the incremental income derived by an approved securities company for any year of assessment from the following groups of activities:
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Tax exemption on income derived by approved securities company |
5.—(1) Notwithstanding regulations 3 and 4, there shall be exempt from tax the income derived by an approved securities company from the following activities:
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Determination of income chargeable to tax |
6. For the purposes of regulations 3 and 4, the Comptroller shall determine —
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Determination of income exempted from tax |
7.—(1) In determining the income to be exempted from tax under regulation 5(1) —
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Deductibility of certain payments made by approved securities company |
8. For the purposes of regulation 6, any payment made by an approved securities company to an Asian Currency Unit of a financial institution for services rendered under regulation 3(w) of the Income Tax (Concessionary Rate of Tax for Asian Currency Unit Income) Regulations (Rg 10) or to another approved securities company for services rendered under regulation 3(1)(f) shall be deductible only against income chargeable to tax at the rate of 10%. [G.N. Nos.S 253/88; S 405/92; S 55/95 S 179/96; S 274/96; S 521/96; S491/99] |